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Morgan Stanley Stuns With $9.4B in Writedowns

CEO gives up bonus in face of terrible performance

By Kevin Spak, Newser Staff

Posted Dec 19, 2007 8:10 AM CST

(Newser) – Morgan Stanley, the nation's second-largest investment bank, lost $3.59 billion this quarter, its first loss ever, after taking a whopping $9.4 billion in writedowns on mortgage-backed securities. CEO John Mack, who promised to give up his 2007 bonus as penance for the losses,... Read full story »

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subprime mortgages • Morgan Stanley • earnings reports • John Mack • mortgage backed securities • writedowns

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Morgan Stanley Stuns With $9.4B in Writedowns

CEO gives up bonus in face of terrible performance

subprime mortgages • Morgan Stanley • earnings reports • John Mack • mortgage backed securities • writedowns

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